The United States achieved record-breaking oil & gas production in April primarily driven by lands within the Permian Basin. The U.S. Energy Information Administration (EIA) recently reported that oil production averaged 12.2 million barrels per day (b/d) in April setting a new record. The last time monthly oil production reached 10 million or more b/d was in 1970.Hydraulic Fracturing In recent years, the U.S. has developed new hydraulic fracturing techniques that enable producers to extract previously inaccessible resources. The increase in oil & gas production can be attributed to this new fracturing technology. Currently, fracturing accounts for 61% of total oil production in the nation.The Permian Basin The areas of West Texas & Southeast New Mexico, also known as the Permian Basin, has been leading the nation in oil production. The Permian Basin accounts for 63% of Texas’ production, and a whopping 96% of production in New Mexico. There has been substantial growth in the basin due to new pipeline developments and improved transportation methods. This growth is not expected to slow down even with current pipeline capacity constraints.New MexicoNew Mexico residents have greatly benefited from the increase in oil & gas production. Last year, the oil & gas industry helped the state achieve a $1 billion budget surplus and provided countless jobs. This budget surplus is scheduled to fund public schools across New Mexico starting this Fall. There is still untapped capacity to break new oil & gas records if lawmakers continue to encourage investment and development.
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Chase Energy Services
Chase Energy Services is one of the largest privately held integrated oilfield services company in the US, providing end-to-end oilfield services through an experienced management team, innovative technologies and an unrelenting focus on safety. With more than 500 employees, the company serves customers across Southeast New Mexico and West Texas in frac and acidizing, well construction and completion, cementing solutions and well servicing. Learn.More
Chase Energy Services, Inc.11344 Lovington HWYArtesia, NM 88210(575) 748-1288
